5939-1. 6049-2 National Securities Clearing Corporation Mutual Fund Services A Presentation for Bank Depository User Group Mutual Funds Update October.

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Presentation transcript:

5939-1

National Securities Clearing Corporation Mutual Fund Services A Presentation for Bank Depository User Group Mutual Funds Update October 25, 2005 Denise Grant Director Distribution Services National Securities Clearing Corporation Mutual Fund Services A Presentation for Bank Depository User Group Mutual Funds Update October 25, 2005 Denise Grant Director Distribution Services National Securities Clearing Corporation is a subsidiary of The Depository Trust & Clearing Corporation Mutual Fund Services

Enhancements Overview 2005 Enhancements 2006 Potential Enhancements New Initiatives Statistics Enhancements Overview 2005 Enhancements 2006 Potential Enhancements New Initiatives Statistics Mutual Fund Services Today’s Agenda

NSCC works with various industry groups and special task forces to discuss the need for enhancements Investment Company Institute (ICI) Broker Dealer Advisory Committee (BDAC) Bank and Trust Advisory Committee (BTAC) Transfer Agent Advisory Committee (TAAC) International Operations Advisory Committee (IOAC) Mutual Fund Services Enhancements Enhancements Overview

NSCC works with various industry groups and special task forces to discuss the need for enhancements National Association of Securities Dealers (NASD) Joint NASD/Industry Task Force on Breakpoints Securities Industry Association(SIA) SIA Operations Committee Mutual Fund Services Enhancements Enhancements Overview

Enhancements Mutual Fund Services

Direct Accounts Through Networking Important Notice A#5948 Enhancements to Mutual Fund Profile Service II (MFPSII) for PCWeb Direct 2005 Enhancements March Release

Enhancements to Mutual Fund Profile Service II (MFPSII) for PCWeb Direct Important Notice A# Enhancements May Release

Enhancements To Mutual Fund Profile Service II (MFPSII) for PCWeb Direct and Mainframe Important Notice A# Enhancements August Release

Short-Term Redemption Fees Important Notice A#6035, A#6056, A#6064, A#6080 New sequential record Fund/SERV records Allows for collection of short-term redemption fees at time of trade Networking Activity file modified 2005 Enhancements September Release

Mutual Fund Profile Service – Daily Price & Rate Important Notice A#6051 Fund/SERV reject Codes Important Notice A#6035 and A# Enhancements September Release

Enhancements to Mutual Fund Profile Service II (MFPSII) For Mainframe and PCWeb Direct Important Notice A#6084 Enhancements to Mutual Fund Profile Service II (MFPSII) For Mainframe and PCWeb Direct 2005 Enhancements November Release

Additional Social Security & Tax Identification Numbers Important Notice A#6076 Modifications To Social Codes On Mutual Fund Services Important Notice A#6082 Mutual Fund Commission Settlement Service Enhancements Important Notice A# Enhancements December Release

New Codes for Defined Contribution Clearance & Settlement (DCC&S) on Fund/SERV Important Notice A#6081 IRA/DCP/529 Indicator renamed Asset Type Indicator Ten new codes added 2005 Enhancements December Release

New Codes for Defined Contribution Clearance & Settlement (DCC&S) on Fund/SERV Settlement Override Reason Code Field 07 = Refer to Asset Type Indicator NAV Reason Code Field C = Refer to Asset Type Indicator 2005 Enhancements December Release

New Codes for Defined Contribution Clearance & Settlement (DCC&S) on Fund/SERV TPA Number Field Allowed only if Asset Type Indicator = B, F-O Short Registration Exception 2005 Enhancements December Release

Enhancements Mutual Fund Services

Networking SCRUB (Full & Partial) and Fund Acknowledgement Modifications Reconcile static data discrepancies for client accounts Fund and firms should reflect identical account information Assist in resolving breaks of non-financial information Identify breaks as they occur Potential 2006 Releases

Breakpoint Task Force – Client Data Share items Allows a firm to provide customer related information in a standardized format on an account set-up “Reverse” Position files for Omnibus accounts Potential 2006 Releases

Omnibus Task force Recommendations Share Aging file modifications CDSC file name changed to Share Aging Broadens use of information on the file to include Short-Term Redemption Fee, Cost- basis, 12b-1 and other calculations based on holding period Five new fields and indicators will be added Potential 2006 Releases

Mutual Fund Profile Service II (MFPSII) Task Force Subcommittee of the Investment Company Institute (ICI) Broker/Dealer Advisory Committee (BDAC) Continued modifications of MFPSII to create consistency and clarify ambiguity of fields Potential 2006 Releases

Tax Law – American Job Act Changes Provide fields needed to accurately report the portion of the fund’s distribution subject to: American Jobs Creation Act of 2004 (AJCA) and Foreign Investment in Real Property Tax Act of 1980 (FIRPTA) Non-resident alien shareholders are subjected to the new tax laws with QII, short-term capital gains and withholding amounts affected Potential 2006 Releases

Tax Law – American Job Act Changes Information needs to be passed from fund to firm at time of distribution/declaration An automated process to allow firms to know the portion of the distribution that is attributable to gains as a result of U.S. real property interests Proposed system changes Networking Dividends Profile Distribution Potential 2006 Releases

Standard Data Reporting SEC Rule 22c-2 Standard, automated facility for funds to request and retrieve shareholder trading information from intermediaries SEC Compliance date October 16, 2006 NSCC Pilot date 3Q 2006 Potential 2006 Releases

New Initiatives Mutual Fund Services

Alternative Investment Products Automate and standardize information for: Hedge Funds Fund of Hedge Funds Managed Futures Commodity Pools REITs Advisory committee of more than 30 firms, funds, and service providers Centralized USD settlement

Pilot launch (target June 2006) to include: Subscriptions Redemptions Tender Offers Account Maintenance Commission Settlement Account Maintenance Valuation Reporting Position Reporting Distribution Reporting Alternative Investment Products

Support SMA industry defined information message and processing standards Sponsors Investment Managers Custodians Provide a single conduit for data and message flows Directly or via service provider Utilize existing connectivity into DTCC Provide central Infrastructure Insure integrity standards Development Operations Separately Managed Accounts

Separately Managed Accounts Progress to date Data Standards Committee MMI Standards Version 1.1 complete Version 2 in progress Prototype HUB Standard Message Flow XML Schemas Data repository and processing system DTCC Advisory Group being established

Statistics Mutual Fund Services

Lower Costs as Volume Increases Fund/SERV Statistics

Networking Statistics Sub-Accounts 67,077 65,045,679 Users

Your Relationship Manager Mutual Fund Marketing Important Notices Manuals User Guides Record Layouts Resources

Questions? Mutual Fund Services